Yes, the IRS can tax bitcoin and other cryptocurrencies.What you need to knowBy Jeanne Sahadi, CNN BusinessUpdated 2133 GMT (0533 HKT) April 12, 2021 ‘use strict’;CNN.Videx = CNN.Videx || {};CNN.Videx.mobile = {};CNN.INJECTOR.executeFeature(‘video’).then(function () {CNN.VideoPlayer.handleUnmutePlayer = function handleUnmutePlayer(containerId, dataObj) {‘use strict’;var playerInstance,playerPropertyObj,rememberTime,unmuteCTA,unmuteIdSelector = ‘unmute_’ + containerId,isPlayerMute;dataObj = dataObj || {};if (CNN.VideoPlayer.getLibraryName(containerId) === ‘fave’) {playerInstance = FAVE.player.getInstance(containerId) || null;} else {playerInstance = containerId && window.cnnVideoManager.getPlayerByContainer(containerId).videoInstance.cvp || null;}isPlayerMute = (typeof dataObj.muted === ‘boolean’) ? dataObj.muted : false;if (CNN.VideoPlayer.playerProperties && CNN.VideoPlayer.playerProperties[containerId]) {playerPropertyObj = CNN.VideoPlayer.playerProperties[containerId];}if (playerPropertyObj.mute && playerPropertyObj.contentPlayed) {if (isPlayerMute === false) {unmuteCTA = jQuery(document.getElementById(unmuteIdSelector));playerInstance.unmute();if (unmuteCTA.length > 0) {unmuteCTA.removeClass(‘video__unmute–active’).addClass(‘video__unmute–inactive’);unmuteCTA.off(‘click’);rememberTime = 0;if (rememberTime 0) {$vidEndSlate.find(‘.l-container’).html(‘ ‘);$vidEndSlate.removeClass(‘video__end-slate–inactive’).addClass(‘video__end-slate–active’);}};CNN.autoPlayVideoExist = (CNN.autoPlayVideoExist === true) ? 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CNN’s Paul R.La Monica reports.”,”descriptionText”:”Tesla is betting big on bitcoin, saying it may soon accept the digital currency as payment for its cars.CNN’s Paul R.La Monica reports.”},{“title”:”Strategist on bitcoin: Pullback is very expected”,”duration”:”02:54″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2021/01/11/bitcoin-prices-plunge-julian-emanuel.cnnbusiness/index.xml”,”videoId”:”business/2021/01/11/bitcoin-prices-plunge-julian-emanuel.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/201124080935-02-bitcoin—stock-large-169.jpg”,”videoUrl”:”/videos/business/2021/01/11/bitcoin-prices-plunge-julian-emanuel.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”BTIG’s Julian Emanuel says the pause in bitcoin’s rally is a “sentiment readjustment.””,”descriptionText”:”BTIG’s Julian Emanuel says the pause in bitcoin’s rally is a “sentiment readjustment.””},{“title”:”Scaramucci: Bitcoin is due for a correction”,”duration”:”01:02″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2020/12/16/bitcoin-anthony-scaramucci-markets-now.cnn-business/index.xml”,”videoId”:”business/2020/12/16/bitcoin-anthony-scaramucci-markets-now.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/201216123432-20201216-markets-now-10-large-169.jpg”,”videoUrl”:”/videos/business/2020/12/16/bitcoin-anthony-scaramucci-markets-now.cnn-business/video/playlists/business-digital-currency/”,”description”:”Just how far can Bitcoin prices rise? Anthony Scaramucci tells CNN’s Alison Kosik that Bitcoin’s best days are ahead, but the ride will be volatile.”,”descriptionText”:”Just how far can Bitcoin prices rise? Anthony Scaramucci tells CNN’s Alison Kosik that Bitcoin’s best days are ahead, but the ride will be volatile.”},{“title”:”Ripple CEO on what’s driving cryptocurrency”,”duration”:”02:26″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2020/12/02/ripple-ceo-cryptocurrency.cnnbusiness/index.xml”,”videoId”:”business/2020/12/02/ripple-ceo-cryptocurrency.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/201202111914-ripple-ceo-brad-garlinghouse-large-169.jpg”,”videoUrl”:”/videos/business/2020/12/02/ripple-ceo-cryptocurrency.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Brad Garlinghouse, CEO of Ripple, says the rally in digital currency is being driven by investors who see it as “an inflationary hedge.” He also says the long-term value of cryptocurrency is in its ability to solve payment problems.”,”descriptionText”:”Brad Garlinghouse, CEO of Ripple, says the rally in digital currency is being driven by investors who see it as “an inflationary hedge.” He also says the long-term value of cryptocurrency is in its ability to solve payment problems.”},{“title”:”PayPal CEO: Our move into cryptocurrencies is to bolster utility”,”duration”:”03:57″,”sourceName”:”CNNBusiness”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2020/11/23/paypal-ceo-cryptocurrency-bitcoin.cnnbusiness/index.xml”,”videoId”:”business/2020/11/23/paypal-ceo-cryptocurrency-bitcoin.cnnbusiness”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/201123105600-paypal-cryptocurrency-large-169.jpg”,”videoUrl”:”/videos/business/2020/11/23/paypal-ceo-cryptocurrency-bitcoin.cnnbusiness/video/playlists/business-digital-currency/”,”description”:”Dan Schulman, President and CEO of PayPal, says the decision to accept digital currencies is to help shape the future of everyday commerce.”,”descriptionText”:”Dan Schulman, President and CEO of PayPal, says the decision to accept digital currencies is to help shape the future of everyday commerce.”},{“title”:”He says Facebook’s Libra is the future.Lawmakers aren’t so sure”,”duration”:”03:38″,”sourceName”:”CNN”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/11/12/libra-calibra-david-marcus-facebook-risk-takers-orig.cnn/index.xml”,”videoId”:”business/2019/11/12/libra-calibra-david-marcus-facebook-risk-takers-orig.cnn”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/190923125500-20190919-rt-gfx-david-marcus-facebook-large-169.jpg”,”videoUrl”:”/videos/business/2019/11/12/libra-calibra-david-marcus-facebook-risk-takers-orig.cnn/video/playlists/business-digital-currency/”,”description”:”In the midst of intense regulatory scrutiny, is Facebook the right company to take cryptocurrency mainstream? Facebook executive David Marcus tells CNN Business’ Rachel Crane why the world needs Libra.”,”descriptionText”:”In the midst of intense regulatory scrutiny, is Facebook the right company to take cryptocurrency mainstream? Facebook executive David Marcus tells CNN Business’ Rachel Crane why the world needs Libra.”},{“title”:”Facebook unveils Libra, a new cryptocurrency.Here are the details”,”duration”:”02:08″,”sourceName”:”CNN”,”sourceLink”:”https://crypto247.news/wp-content/uploads/2021/04/trendomatic/190618091058-facebook-libra-large-169.jpg”,”videoUrl”:”/videos/tech/2019/06/18/facebook-libra-cryptocurrency-sebastian-first-move.cnn/video/playlists/business-digital-currency/”,”description”:”Facebook formally unveiled its highly-anticipated digital currency project called Libra.
CNN’s Clare Sebastian looks at what makes this different than other cryptocurrencies.”,”descriptionText”:”Facebook formally unveiled its highly-anticipated digital currency project called Libra.CNN’s Clare Sebastian looks at what makes this different than other cryptocurrencies.”},{“title”:”Winklevoss twins call crypto the ‘ultimate social network'”,”duration”:”01:34″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/03/11/winklevoss-twins-crypto-app-zw-mc-orig.cnn-business/index.xml”,”videoId”:”business/2019/03/11/winklevoss-twins-crypto-app-zw-mc-orig.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/190310213617-cameron-tyler-winklevoss-large-169.jpg”,”videoUrl”:”/videos/business/2019/03/11/winklevoss-twins-crypto-app-zw-mc-orig.cnn-business/video/playlists/business-digital-currency/”,”description”:”Cameron and Tyler Winklevoss sat down with CNN Business to discuss their crypto exchange, Gemini, and plans for their recently launched mobile app.”,”descriptionText”:”Cameron and Tyler Winklevoss sat down with CNN Business to discuss their crypto exchange, Gemini, and plans for their recently launched mobile app.”},{“title”:”JPMorgan launches crypto coin”,”duration”:”03:02″,”sourceName”:”CNN Business”,”sourceLink”:””,”videoCMSUrl”:”/video/data/3.0/video/business/2019/02/14/jpmorgan-jpm-coin-cryptocurrency.cnn-business/index.xml”,”videoId”:”business/2019/02/14/jpmorgan-jpm-coin-cryptocurrency.cnn-business”,”videoImage”:”//cdn.cnn.com/cnnnext/dam/assets/190214120156-jamie-dimon-file-large-169.jpg”,”videoUrl”:”/videos/business/2019/02/14/jpmorgan-jpm-coin-cryptocurrency.cnn-business/video/playlists/business-digital-currency/”,”description”:”JPMorgan’s “JPM Coin” is a prototype designed for institutional clients but executives wouldn’t rule out that it could eventually be used for retail customers.CNN’s Matt Egan reports.”,”descriptionText”:”JPMorgan’s “JPM Coin” is a prototype designed for institutional clients but executives wouldn’t rule out that it could eventually be used for retail customers.CNN’s Matt Egan reports.”}],’js-video_headline-featured-273s1d6′,”,”js-video_source-featured-273s1d6″,true,true,’business-digital-currency’);if (typeof configObj.context !== ‘string’ || configObj.context.length <= 0) {configObj.context = 'success'.replace(/[()-]/g, '');}configObj.videoCollection = 'business-digital-currency';CNN.VideoPlayer.getLibrary(configObj, videoHandler.getEventCallbackObject(), isLivePlayer, videoHandler.getMediaMetadataCallbacks());videoHandler.getCollectionCarouselElement().on('VIDEO_CAROUSEL_ITEM_CLICKED', CNN.VIDEOCLIENT.triggerSunrise);}});CNN.INJECTOR.scriptComplete('videodemanddust');JUST WATCHEDMohamed El-Erian's take on crypto investingReplayMore Videos ...MUST WATCH{"@context": "https://schema.org“,”@type”: “VideoObject”,”name”: “Mohamed El-Erian’s take on crypto investing”,”description”: ” Allianz Chief Economic Adviser Mohamed El Erian says rising government bonds yields have sent investors into bitcoin.He weighs in on the pros and cons of investing in cryptocurrency.”,”thumbnailURL”: “https://crypto247.news/wp-content/uploads/2021/04/trendomatic/210405124554-mohamed-el-erian-exlarge-169.jpg”,”image”: “https://crypto247.news/wp-content/uploads/2021/04/trendomatic/210405124554-mohamed-el-erian-exlarge-169.jpg”,”duration”: “PT4M17S”,”uploadDate”: “2021-04-05T18:13:12Z”,”contentUrl”: “https://edition.cnn.com/videos/business/2021/04/05/mohamed-el-erian-cryptocurrency-bitcoin.cnnbusiness”,”url”: “https://edition.cnn.com/videos/business/2021/04/05/mohamed-el-erian-cryptocurrency-bitcoin.cnnbusiness”,”embedUrl”: “https://fave.api.cnn.io/v1/fav/?video=business/2021/04/05/mohamed-el-erian-cryptocurrency-bitcoin.cnnbusiness&customer=cnn&edition=international&env=prod”} (14 Videos)Mohamed El-Erian’s take on crypto investingRipple CEO: Crypto industry must address energy demandANT Group CEO Simon Hu resigns Why bitcoin could triple over next yearVisa CEO: We see digital currency as a player in global commerceTesla invests $1.5 billion in bitcoinStrategist on bitcoin: Pullback is very expectedScaramucci: Bitcoin is due for a correctionRipple CEO on what’s driving cryptocurrencyPayPal CEO: Our move into cryptocurrencies is to bolster utilityHe says Facebook’s Libra is the future.
Lawmakers aren’t so sureFacebook unveils Libra, a new cryptocurrency.
Here are the detailsWinklevoss twins call crypto the ‘ultimate social network’JPMorgan launches crypto coinEven though you can buy things with bitcoin, it’s not the same as cash.At least not in the eyes of the IRS.Virtual currencies are taxed as property, or as an investment, when you sell them.And using them to buy something counts as selling.If you’re paid in bitcoin, on the other hand, that will be treated as taxable income to you.Indeed, almost every transaction may be taxable and should be reported.While bitcoin and other cryptocurrencies may be virtual, they have very real-world tax consequences.If you fail to pay the tax you owe, you will be subject to interest and penalties and, in some circumstances, even criminal prosecution.Read MoreSo if you couldn’t resist getting in on bitcoin’s wild ride in 2020 — it went up about 680% over the past year and has been trading north of $55,000 recently — let’s hope you kept good records, because you are responsible for preserving documentation for every one of your transactions.
So how will the IRS even know I’ve been using crypto?In a variety of ways.There is still no legally required third-party reporting of crypto trades and many types of payments.But any business paying more than $600 to a non-employee or paying wages to an employee must report that income to the IRS, said Mark Luscombe, principal federal tax analyst for Wolters Kluwer Tax & Accounting.Everything you need to know about bitcoinPlus, every federal tax filer at the top of their 1040 form must truthfully answer the question, “At any time during 2020, did you receive, sell, send, exchange, or otherwise acquire any financial interest in any virtual currency?”But that doesn’t mean the IRS will simply rely on an honor system.”They have the perception that there are many more people engaged in virtual currency transactions than is being reported on returns,” Luscombe said.So, together with the US Department of Justice, the tax agency is actively seeking compliance in a few ways.It has started a “virtual currency compliance campaign” that will include public outreach but also “examinations.” That can mean audits.In addition, the IRS sent letters in the summer of 2019 to 10,000 people alerting them to their tax obligations regarding virtual currencies and urging them to review and amend past returns if they owe back taxes, interest and penalties.How did it get the names of those 10,000 people? “[T]hrough various ongoing IRS compliance efforts,” the agency noted.One such effort: The IRS is seeking customer lists from cryptocurrency companies through legal summonses.”The Department of Justice will continue to work with the IRS to ensure that cryptocurrency owners are paying their fair share of taxes,” the DOJ said in a statement earlier this month.How will I be taxed if I sold crypto in 2020?You must report any capital gain or capital loss from the sale.That will be determined by the difference — in US dollars — between how much you paid for your cryptocurrency and how much you received when you sold it.
2020 taxes: Everything you need to know about filing this yearIf you held the investment for less than a year and it had appreciated in value by the time you sold it, your gain will be taxed as ordinary income.
If you held it longer than a year, then it would be subject to capital gains tax rates.If you lost money on the sale, you may use your capital loss to offset any capital gains you incurred in other investments, Luscombe said.How about if I got paid in a virtual currency for a good or service?That’s reportable as ordinary income to you.And the amount of income reported should be the value in US dollars of the virtual currency the day you received it.What if I paid someone else in virtual currency?That’s like a sale of bitcoin on which you will realize a gain or loss.The IRS notes that the gain or loss is determined by “the difference between the fair market value of the services you received and your adjusted basis in the virtual currency exchanged.”What should I report if all I did was buy virtual currency in 2020?You don’t have to report it on your 2020 tax return, just as you wouldn’t report an investment you purchased and are holding in a brokerage account, unless it threw off taxable income, such as dividends or interest.If someone gave you a coin as a gift, there will be no tax implications for you until you sell it, so you don’t have to report that either.Will my state tax my crypto transactions?Probably, but you should see what your state revenue department has said on the issue.”Most states have not specifically addressed virtual currency, which means that the majority of states that have an income tax would follow the federal lead,” Luscombe said.Any money you earn from your crypto investments or income payments will be factored into your federal adjusted gross income.
And most states use your federal AGI as a starting point.Two states — Nevada and Wyoming, neither of which have an income tax — did specify they would not subject virtual currency transactions to the state property tax, Luscombe said.(For more information on these and other questions, the IRS has created this FAQ.And if your situation is particularly complex, it may pay to see a tax professional with experience in this arena.).
